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Michael Wittry has been investing in his Roth IRA account for 25 years. Two years ago, his account was worth $239,000. After losing 1/3 of its original value, it then gained 1/2 of its new value back. Original Account value: Original value lost: New value gained back: $ 239,000 1/3 1/2 Required: Using the information above, answer the following questions: 1. What was his 1/3 loss? 2. What does Michael's account total after the 1/3 loss? 3. What is the current value of his Roth IRA?

Michael Wittry has been investing in his Roth IRA account for 25 years. Two years ago, his account was worth $239,000. After losing 1/3 of its original value, it then gained 1/2 of its new value back. Original Account value: Original value lost: New value gained back: $ 239,000 1/3 1/2 Required: Using the information above, answer the following questions: 1. What was his 1/3 loss? 2. What does Michael's account total after the 1/3 loss? 3. What is the current value of his Roth IRA?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter14: Planning For Retirement
Section: Chapter Questions
Problem 8FPE
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Michael Wittry has been investing in his Roth IRA account for 25 years. Two years ago, his account was worth $239,000. After losing 1/3 of its original value, it then gained 1/2 of its new value back. Original Account value: Original value lost: New value gained back: $ 239,000 1/3 1/2 Required: Using the information above, answer the following questions: 1. What was his 1/3 loss? 2. What does Michael's account total after the 1/3 loss? 3. What is the current value of his Roth IRA?
Transcribed Image Text:Michael Wittry has been investing in his Roth IRA account for 25 years. Two years ago, his account was worth $239,000. After losing 1/3 of its original value, it then gained 1/2 of its new value back. Original Account value: Original value lost: New value gained back: $ 239,000 1/3 1/2 Required: Using the information above, answer the following questions: 1. What was his 1/3 loss? 2. What does Michael's account total after the 1/3 loss? 3. What is the current value of his Roth IRA?
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